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Mar 31, 2023
Cambium Networks Q1 2023 Earnings Report
Reported a strong first quarter driven by enterprise product sales and effective cost management.
Key Takeaways
Cambium Networks reported a 25% year-over-year increase in revenue, reaching $77.4 million, driven by strong enterprise product sales. The company's profitability was excellent, with a gross margin of 51.2% (52.1% non-GAAP) and operating income of $5.6 million ($9.4 million non-GAAP).
Revenues increased 25% year-over-year to $77.4 million.
Enterprise revenues increased 130% year-over-year to $35.7 million.
GAAP net income was $4.3 million, or $0.15 per diluted share; non-GAAP net income was $6.8 million, or $0.24 per diluted share.
Adjusted EBITDA was $10.4 million, or 13.4% of revenues.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Cambium Networks expects revenues between $72.0-$80.0 million for the second quarter of 2023, representing an increase of approximately 4%-15% year-over-year. They also anticipate GAAP operating income between $2.1-$6.2 million and adjusted EBITDA between $6.9-$11.1 million.
Positive Outlook
- Revenues between $72.0-$80.0 million, up approximately 4%-15% year-over-year
- GAAP gross margin between 49.4%-50.9%; and non-GAAP gross margin between 50.3%-51.8%
- GAAP operating income between $2.1-$6.2 million; and non-GAAP operating income between $5.9-$10.1 million
- GAAP net income between $1.2-$4.8 million or between $0.04 and $0.17 per diluted share; and non-GAAP net income between $4.2-$7.6 million or between $0.15 and $0.27 per diluted share
- Adjusted EBITDA between $6.9-$11.1 million; and adjusted EBITDA margin between 9.6%-13.9%
Challenges Ahead
- GAAP operating expenses between $33.5-$34.5 million; and non-GAAP operating expenses between $30.3-$31.3 million
- Interest expense, net of approximately $0.6 million
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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